Spirit Airlines Inc (SAVE) 2022 Q4 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I'd like to welcome, everyone, to the Spirit Airlines Fourth Quarter 2022 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) Thank you.

女士們，先生們，早上好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Spirit Airlines 2022 年第四季度收益電話會議。今天的會議正在錄製中。 （操作員說明）謝謝。

And I will now turn the conference over to DeAnne Gabel, Senior Director of Investor Relations. You may begin.

我現在將會議轉交給投資者關係高級總監 DeAnne Gabel。你可以開始了。

Thank you, Abby, and welcome, everyone, to Spirit Airlines' Fourth Quarter 2022 Earnings Call. This call is being recorded and simultaneously webcast. A replay of this call will be archived on our website for a minimum of 60 days. Presenting on today's call are Ted Christie, Spirit's Chief Executive Officer; Matt Klein, our Chief Commercial Officer; and Scott Haralson, our Chief Financial Officer. Also joining us in the room are other members of our senior leadership team.

謝謝艾比，歡迎大家參加 Spirit Airlines 2022 年第四季度財報電話會議。此通話正在錄音並同時進行網絡廣播。此通話的重播將在我們的網站上存檔至少 60 天。 Spirit 的首席執行官 Ted Christie 出席了今天的電話會議；我們的首席商務官 Matt Klein；和我們的首席財務官 Scott Haralson。加入我們會議室的還有我們高級領導團隊的其他成員。

Today's discussion contains forward-looking statements that are based on the company's current expectations and are not a guarantee of future performance. There could be significant risks and uncertainties that cause actual results to differ materially from those contained in our forward-looking statements, including, but not limited to, various risks and uncertainties related to the acquisition of Spirit by JetBlue and other risk factors as discussed in our reports on file with the SEC.

今天的討論包含基於公司當前預期的前瞻性陳述，並非對未來業績的保證。可能存在導致實際結果與我們前瞻性陳述中包含的結果存在重大差異的重大風險和不確定性，包括但不限於與 JetBlue 收購 Spirit 相關的各種風險和不確定性以及討論的其他風險因素我們在美國證券交易委員會備案的報告。

We undertake no duty to update any forward-looking statements, and investors should not place undue reliance on these forward-looking statements. In comparing results today, we will be adjusting all periods to exclude special items. For an explanation and reconciliation of these non-GAAP measures to GAAP, please refer to the reconciliation tables provided in our fourth quarter 2022 earnings release, a copy of which is available on our website.

我們不承擔更新任何前瞻性陳述的責任，投資者不應過分依賴這些前瞻性陳述。在比較今天的結果時，我們將調整所有時期以排除特殊項目。有關這些非 GAAP 措施與 GAAP 的解釋和對賬，請參閱我們 2022 年第四季度收益發布中提供的對賬表，其副本可在我們的網站上獲取。

And with that, I'll now turn the call over to Ted Christie, Spirit's, Chief Executive Officer.

有了這個，我現在將電話轉給 Spirit 的首席執行官 Ted Christie。

Thanks, DeAnne, and thanks to everyone for joining us on the call today, and a special thanks to everyone on the Spirit team. Together, we overcame many challenges throughout the year, and thanks to our team members' dedication, we made excellent progress on the steps necessary to return Spirit to sustained profitability.

謝謝 DeAnne，感謝大家今天加入我們的電話會議，特別感謝 Spirit 團隊的每個人。全年，我們一起克服了許多挑戰，並且由於我們團隊成員的奉獻精神，我們在使 Spirit 恢復持續盈利所必需的步驟方面取得了出色的進展。

Demand was robust during 2022, and our team did a great job maximizing revenue production, including achieving another record for nonticket revenue per segment. Operationally, the team delivered solid results with an overall mid-pack performance for both DOT on-time performance and completion factor despite our network being impacted by multiple weather events and infrastructure bottlenecks. We are positioned well to build upon our 2022 successes, and I'll share more about our 2023 goals before we get to Q&A.

2022 年需求強勁，我們的團隊在最大限度地提高收入方面做得很好，包括每個細分市場的非門票收入再創新高。在運營方面，儘管我們的網絡受到多種天氣事件和基礎設施瓶頸的影響，但該團隊在 DOT 準時性能和完成係數方面的總體中等性能表現可觀。我們已準備好在 2022 年取得成功的基礎上再接再厲，在開始問答環節之前，我將分享更多有關 2023 年目標的信息。

Before discussing our fourth quarter results, just a quick update about the pending merger with JetBlue. We announced in December 2022 that Spirit and JetBlue had certified substantial compliance with the DOJ's second request and are now waiting to see whether the DOJ filed suit to block the deal or allows us to proceed. We anticipate hearing from the DOJ in the next 30 days or so, and that's really all we have to say on that topic for now.

在討論我們的第四季度業績之前，先快速更新一下與捷藍航空即將進行的合併。我們在 2022 年 12 月宣布，Spirit 和 JetBlue 已證明實質上符合 DOJ 的第二項要求，現在正在等待 DOJ 是否提起訴訟以阻止交易或允許我們繼續進行。我們預計在接下來的 30 天左右會收到司法部的來信，這就是我們目前就該主題要說的全部內容。

Turning now to our fourth quarter 2022 performance. Operationally, the quarter started off with the tail end of Hurricane Ian impacting our operations, followed by Tropical Storm Nicole and then by severe winter weather across the U.S. during the peak holidays. As a result of these weather events, we canceled over 1.5 percentage points of our anticipated fourth quarter capacity. The good news is that our team did a great job mitigating the downline impact from these events and took excellent care of our guests. I am grateful for their efforts, and I'm honored to be part of the team.

現在轉向我們 2022 年第四季度的業績。在運營方面，本季度伊恩颶風尾聲影響了我們的運營，緊隨其後的是熱帶風暴妮可，然後是假期高峰期間美國各地的嚴冬天氣。由於這些天氣事件，我們取消了超過 1.5 個百分點的預期第四季度產能。好消息是，我們的團隊在減輕這些事件的下線影響方面做得很好，並且非常關心我們的客人。我感謝他們的努力，我很榮幸成為團隊的一員。

The revenue environment in the fourth quarter remained strong and total RASM for the quarter was up 17% as compared to the fourth quarter of 2019 on 22.7% more capacity. This was even stronger than we had anticipated. In fact, adjusting for capacity increases, our unit revenue performance was amongst the best in the industry compared to 2019.

第四季度的收入環境依然強勁，與 2019 年第四季度相比，本季度總 RASM 增長了 17%，產能增加了 22.7%。這比我們預期的還要強大。事實上，根據產能增長進行調整後，與 2019 年相比，我們的單位收入表現在業內名列前茅。

Costs also came in better than expected. And as a result, our adjusted operating income for the fourth quarter was $57.6 million, resulting in an adjusted operating margin of 4.1%. While our fourth quarter results were better than expected, we continue to face headwinds in returning to normalized margins and full utilization.

成本也好於預期。因此，我們第四季度調整後的營業收入為 5760 萬美元，調整後的營業利潤率為 4.1%。雖然我們第四季度的業績好於預期，但我們在恢復正常利潤率和充分利用方面繼續面臨阻力。

As you may have seen in our release yesterday, we have once again trimmed our capacity expectations for 2023. Over the last 6 months, the GTF neo engine has experienced diminished service availability, an issue that has been steadily increasing over this period. This is not just a Spirit issue. Pratt & Whitney continues to struggle to support its worldwide fleet of neo aircraft as MRO capacity remains constrained and turnaround times for engines in the shop have been nearly 3x longer than the historical averages for CO engines.

正如您在昨天發布的新聞稿中看到的那樣，我們再次下調了 2023 年的產能預期。在過去 6 個月中，GTF neo 發動機的服務可用性下降，這一問題在此期間一直在穩步增加。這不僅僅是精神問題。 Pratt & Whitney 繼續努力支持其全球新飛機機隊，因為 MRO 產能仍然有限，而且車間發動機的周轉時間比 CO 發動機的歷史平均水平長近 3 倍。

To put this in perspective, within a 2-week period, we went from having 2 A320neo aircraft part without operable engines to having 7 A320neo aircraft sidelines due to these issues.

從這個角度來看，在 2 週的時間內，由於這些問題，我們從 2 架 A320neo 飛機部件沒有可用發動機變成了 7 架 A320neo 飛機停產。

When operating, the neo engine performance and fuel efficiency is great, but the engine's time-on-wing performance has once again declined. We are working with Pratt & Whitney on finding a solution that will increase time on wing performance, but it is frustrating that this has become an issue again.

運行時，neo 發動機的性能和燃油效率都很好，但發動機的機翼性能再次下降。我們正在與 Pratt & Whitney 合作，尋找一種可以增加機翼性能時間的解決方案，但令人沮喪的是，這再次成為一個問題。

In addition, we have been notified by Airbus that a number of our expected 2023 deliveries will be delayed until 2024, which may cascade some aircraft into 2025, all reducing the number of aircraft delivered from Airbus and our lessor partners by 7 [shelves] in 2023.

此外，空中客車公司通知我們，我們預計 2023 年交付的一些飛機將推遲到 2024 年，這可能會將一些飛機級聯到 2025 年，所有這些都會減少從空中客車公司和我們的租賃合作夥伴交付的飛機數量 7 [貨架] 2023.

In the fourth quarter of 2022, we made the decision to accelerate the retirement of our A319 fleet, which Scott will share more details about. We have had some good news. Florida operational constraints have been gradually improving. However, we will remain methodical and deliberate in building back Florida and relaxing the crew buffers that we've been forced to add until we have more confidence in the infrastructure that supports the airline industry.

2022 年第四季度，我們決定加快 A319 機隊的退役，Scott 將分享更多細節。我們有一些好消息。佛羅里達州的運營限制一直在逐漸改善。然而，在我們對支持航空業的基礎設施更有信心之前，我們將繼續有條不紊地重建佛羅里達並放寬我們被迫增加的機組人員緩衝。

With that, I'll hand it over to Matt and Scott to share additional details about our fourth quarter performance as well as some color around our first quarter outlook before I close with some thoughts on full year 2023.

有了這個，我將把它交給馬特和斯科特，在我結束對 2023 年全年的一些想法之前，分享有關我們第四季度業績的更多細節以及我們第一季度展望的一些顏色。

Matt, over to you.

馬特，交給你了。

Thanks, Ted. I also want to thank our Spirit family members for their contributions. Our Spirit family members are our greatest assets. And thanks to their dedication and professionalism, Spirit is able to deliver the best value in the sky. For the fourth quarter of 2022, we will once again compare our results to 2019. But going forward into 2023, we will return to year-over-year comparisons.

謝謝，泰德。我還要感謝我們 Spirit 家族成員所做的貢獻。我們的 Spirit 家庭成員是我們最大的資產。由於他們的奉獻精神和專業精神，Spirit 能夠在空中提供最佳價值。對於 2022 年第四季度，我們將再次與 2019 年的結果進行比較。但展望 2023 年，我們將返回同比比較。

Turning now to our fourth quarter revenue performance. Total revenue was $1.39 billion, up 43.5% compared to the fourth quarter of 2019, the largest top line growth of the major U.S. carriers that have reported results thus far. Total RASM for the quarter was $0.1081, up 17% versus 2019, while we simultaneously increased our capacity nearly 23%. Demand was strong throughout the quarter, especially over the peak Christmas and New Year's day holiday period, which helped mitigate the revenue impact from weather-related flight cancellations during that time.

現在轉向我們第四季度的收入表現。總收入為 13.9 億美元，比 2019 年第四季度增長 43.5%，是迄今為止已公佈業績的美國主要航空公司中收入增長最快的。本季度 RASM 總額為 0.1081 美元，比 2019 年增長 17%，同時我們的產能增加了近 23%。整個季度的需求都很強勁，尤其是在聖誕節和元旦假期的高峰期，這有助於減輕這段時間與天氣相關的航班取消對收入的影響。

Load factor was down 3.8 percentage points versus the fourth quarter of 2019. But as we explained last quarter, this is primarily because we're flying more on off-peak days and have less variability in the number of flights day-to-day at any given airport. We believe this better supports our operational reliability and is more likely to maximize earnings in this environment.

與 2019 年第四季度相比，載客率下降了 3.8 個百分點。但正如我們上個季度所解釋的那樣，這主要是因為我們在非高峰日飛行的次數更多，而且每天的航班數量變化較小任何給定的機場。我們相信這能更好地支持我們的運營可靠性，並且更有可能在這種環境下實現收益最大化。

On a per segment basis, total revenue per passenger increased to $136, a 23% increase compared to the fourth quarter 2019. Passenger revenue per segment increased 22% to $64 and nonticket revenue per segment increased 23% to over $71. This was more than a $4 sequential increase in nonticket revenue per passenger segment from the third quarter 2022 driven by strong take rates for ancillary services combined with the ongoing benefits of our revenue management initiatives.

按每個航段計算，每位乘客的總收入增加到 136 美元，比 2019 年第四季度增長 23%。每個航段的乘客收入增長 22% 至 64 美元，每個航段的非機票收入增長 23% 至超過 71 美元。從 2022 年第三季度開始，這比 2022 年第三季度每個旅客細分市場的非機票收入環比增長 4 美元以上，這是由於輔助服務的強勁收費率加上我們的收入管理舉措帶來的持續好處。

Looking ahead to first quarter 2023, January started off very strong due to the shift in peak holiday return traffic. However, demand over the Dr. Martin Luther King Jr. holiday weekend was a bit soft compared to historical periods. This softness was not surprising given that many schools had just gone back into session. President's Day holiday weekend is shaping up very nicely, and we are expecting to see continued strong demand trends over the spring break period.

展望 2023 年第一季度，由於假期返程高峰期的轉變，1 月份開局非常強勁。然而，與歷史時期相比，小馬丁路德金博士假期週末的需求有點疲軟。鑑於許多學校剛剛重新開學，這種疲軟並不令人意外。總統日假期週末的情況非常好，我們預計在春假期間會看到持續強勁的需求趨勢。

Our self-imposed constraints on Florida volume continue to carry a unit revenue penalty, but again, we are being purposely conservative when it comes to removing some buffers and restrictions that limit our level of operations there. We acknowledge that this strategy may have a slight downward pressure on load factor and unit revenue, but we are comfortable it is the right earnings decision in current circumstances.

我們對佛羅里達州產量的自我限制繼續帶來單位收入損失，但在取消一些限制我們在那裡運營水平的緩沖和限制方面，我們再次故意保守。我們承認這一戰略可能會對載客率和單位收入產生輕微的下行壓力，但我們很高興在當前情況下這是正確的收益決定。

Taking all of this into account, we estimate total RASM for the first quarter of 2023 will be up 23% to 24.5% compared to the first quarter of 2022, on a capacity increase of 13.2%. As Ted commented, we have reduced our 2023 capacity plan. We now expect 2023 capacity to be up 19% to 22% compared to the full year 2022.

考慮到所有這些因素，我們估計 2023 年第一季度的 RASM 總量將比 2022 年第一季度增長 23% 至 24.5%，運力增長 13.2%。正如 Ted 評論的那樣，我們已經縮減了 2023 年的產能計劃。我們現在預計 2023 年產能將比 2022 年全年增長 19% 至 22%。

And with that, I'll now turn it over to Scott.

有了這個，我現在把它交給斯科特。

Thanks, Matt. I'll start with a brief overview of our fourth quarter financial performance and then spend some time explaining how we're thinking about the outlook for 2023. Our fourth quarter nonfuel operating costs came in better than expected, primarily due to lower airport rents and landing fees driven by favorable signatory adjustments. We had anticipated that as volume at airport stabilized, we would see a reversal of this pandemic-related increases in airport rents and landing fees due to share shifts. This anticipated reversal came largely in the form of billing true-ups or adjustments as opposed to reduced future rates.

謝謝，馬特。我將首先簡要概述我們第四季度的財務業績，然後花一些時間解釋我們如何看待 2023 年的前景。我們第四季度的非燃料運營成本好於預期，這主要是由於機場租金下降和由有利的簽約調整推動的著陸費。我們曾預計，隨著機場客流量的穩定，我們會看到由於份額轉移而導致的與大流行相關的機場租金和著陸費增長出現逆轉。這種預期的逆轉主要以計費調整或調整的形式出現，而不是降低未來的費率。

Fuel costs were up more than 100% compared to the fourth quarter of 2019 on about 20% more volume due to a 69% increase in the average fuel price per gallon, fuel prices have remained stubbornly high driven in large part by historically high refining margins, but the current curve does suggest jet fuel prices will move lower as we progress through the year.

由於每加侖平均燃料價格上漲 69%，燃料成本與 2019 年第四季度相比上漲了 100% 以上，產量增加了約 20%，燃料價格一直居高不下，這在很大程度上是由於煉油利潤處於歷史高位，但目前的曲線確實表明，隨著今年的進展，航空燃油價格將走低。

For the fourth quarter, we saw good improvement in adjusted operating income quarter-to-quarter but operating margin was still well below what we believe our normalized operating margin will be once we reach full utilization.

對於第四季度，我們看到調整後的營業收入環比有了很好的改善，但營業利潤率仍遠低於我們認為一旦我們達到充分利用率後正常化的營業利潤率。

Total nonoperating expense came in higher than previously estimated due to the periodic valuation of the derivative liability associated with the 2026 convertible notes being valued $4 million higher than it was on September 30th of 2022.

由於與 2026 年可轉換票據相關的衍生負債的定期估值比 2022 年 9 月 30 日高出 400 萬美元，因此總的非運營費用高於先前的估計。

During the fourth quarter, we completed a private add-on offering of $600 million to the company's 8% senior secured notes due 2025, bringing the aggregate principal amount of the senior secured notes outstanding to $1.1 billion.

在第四季度，我們完成了對公司 2025 年到期的利率為 8% 的優先擔保票據的 6 億美元的私募增發，使未償付優先擔保票據的本金總額達到 11 億美元。

During the quarter, we also increased our commitment under our senior secured revolving credit facility by $60 million, bringing the total amount available under the facility to $300 million, none of which is drawn today.

在本季度，我們還將我們在高級有擔保循環信貸額度下的承諾增加了 6000 萬美元，使該額度下的可用總額達到 3 億美元，今天尚未提取。

Liquidity at the end of 2022 was $1.8 billion, which includes unrestricted cash and cash equivalents, short-term investments and the $300 million of undrawn capacity under the revolving credit facility. We took delivery of 10 A320neo aircraft during the quarter, ending the period with 194 aircraft in the fleet.

2022 年底的流動性為 18 億美元，其中包括不受限制的現金和現金等價物、短期投資以及循環信貸額度下 3 億美元的未動用能力。我們在本季度接收了 10 架 A320neo 飛機，本季度機隊擁有 194 架飛機。

As announced last month, we signed an agreement to sell 29 of our unencumbered A319ceo aircraft. We expect to remove 14 of these aircraft from our operating fleet in 2023, with the remainder expected to be removed in 2024.

正如上個月宣布的那樣，我們簽署了一項協議，將出售 29 架未支配的 A319ceo 飛機。我們預計將在 2023 年從我們的運營機隊中移除 14 架此類飛機，其余飛機預計將在 2024 年移除。

We took an impairment charge in the fourth quarter of $334 million and the expected proceeds of the transaction over the next 2 years will be between $150 million and $200 million. Over the last year or so, we have been assessing our long-term plans for this A319ceo fleet, our oldest, least-efficient vintage of our A320 family aircraft.

我們在第四季度計提了 3.34 億美元的減值費用，預計未來 2 年的交易收益將在 1.5 億美元至 2 億美元之間。在過去一年左右的時間裡，我們一直在評估我們對 A319ceo 機隊的長期計劃，這是我們 A320 系列飛機中最老、效率最低的老式飛機。

In the fourth quarter, we made the decision to accelerate the retirement of these aircraft. In our previous 2023 capacity guide, we had included some reduction in A319 flying so the impact of the 14 scheduled A319 removals in 2023 has a smaller impact than would otherwise be expected.

在第四季度，我們做出了加速這些飛機退役的決定。在我們之前的 2023 年運力指南中，我們已經減少了 A319 的飛行，因此 2023 年 14 架 A319 計劃拆除的影響比預期的要小。

We continue to view 2023 as a transition year. The objective of returning to full utilization is still primary. We have made the necessary internal investments to reach this objective. However, for all the reasons Ted listed, we are forced to be more conservative with our scheduled planning than we otherwise would be.

我們繼續將 2023 年視為過渡年。恢復充分利用的目標仍然是首要目標。我們已經進行了必要的內部投資以實現這一目標。然而，由於泰德列出的所有原因，我們被迫對我們的預定計劃比其他情況下更加保守。

Given the modest buildup for the first half of 2023, will likely underutilize the fleet by about 10%, that should improve to around 5% in Q3 and back to what we consider normal utilization levels in Q4.

鑑於 2023 年上半年的適度增長，船隊利用率可能會低 10% 左右，第三季度應該會提高到 5% 左右，並在第四季度回到我們認為的正常利用率水平。

Matt mentioned the capacity plan for 2023 being up 19% to 22% versus 2022. This is about a 450 to 550 basis point reduction versus our previous plan. We estimate about 40% of this reduction is related to the diminished neo engine performance coupled with no or limited spare engine availability. We estimate about 30% is related to the Airbus delivery delays and about 20% driven by the accelerated retirement of our A319 aircraft. The remaining reduction is related to the continued buffers we have in place to support the operation due to continued industry infrastructure constraints.

Matt 提到 2023 年的產能計劃比 2022 年增長 19% 到 22%。這比我們之前的計劃減少了 450 到 550 個基點。我們估計大約 40% 的減少與 neo 發動機性能下降以及沒有或有限的備用發動機可用性有關。我們估計約 30% 與空客交付延遲有關，約 20% 與我們的 A319 飛機加速退役有關。由於持續的行業基礎設施限制，剩餘的減少與我們為支持運營而設置的持續緩衝有關。

For 2023, we estimate total capital expenditures will be about $360 million. For some highlights here, approximately $150 million of this is related to the building of our new headquarter facility in Dania Beach, which we will occupy in the first quarter of 2024. $75 million is related to net predelivery deposits and about $30 million is related to the purchase of spare engines.

到 2023 年，我們估計總資本支出將約為 3.6 億美元。對於這裡的一些亮點，其中約 1.5 億美元與我們在 Dania Beach 的新總部設施的建設有關，我們將在 2024 年第一季度入住。7500 萬美元與交付前淨存款有關，約 3000 萬美元與購買備用發動機。

Last month, our pilots ratified and amended collective bargaining agreement that provide significant pay increases and other enhanced benefits. We estimate the new rates and benefits drive an additional $180 million of wages salaries and benefits expense for the full year of 2023 or about $40 million to $45 million a quarter with an additional onetime expense in the first quarter of about $10 million related to the revaluation of bank sick and vacation time. In total, we estimate the new contract adds about 4.5% increase to our 2023 CASM ex.

上個月，我們的飛行員批准並修改了集體談判協議，該協議提供了顯著的加薪和其他增強的福利。我們估計，新的費率和福利將在 2023 年全年額外推動 1.8 億美元的工資和福利支出，即每季度約 4,000 萬至 4,500 萬美元，以及第一季度與重估相關的額外一次性支出約 1,000 萬美元銀行病假和休假時間。總的來說，我們估計新合同會使我們的 2023 CASM ex 增加約 4.5%。

For the first quarter of 2023, we estimate our operating margin will range between negative 2% to negative 4%. This assumes total operating expenses of $1.39 billion to $1.4 billion and a fuel price per gallon assumption of $3.20.

對於 2023 年第一季度，我們估計我們的營業利潤率將在負 2% 到負 4% 之間。這假設總運營費用為 13.9 億美元至 14 億美元，假設每加侖燃油價格為 3.20 美元。

For the full year 2023, given expected utilization levels and the new pilot contract, we now expect our CASM actual will be in the high 6s. We also do expect to be profitable in all of the first quarter and profitable for the full year.

對於 2023 年全年，鑑於預期的利用率水平和新的試點合同，我們現在預計我們的 CASM 實際將處於高 6s。我們也確實希望在整個第一季度實現盈利，並在全年實現盈利。

Before I close, I want to thank the entire Spirit team. 2022 was a challenging year on many fronts for our team persevered and continued to set us up well for 2023.

在結束之前，我要感謝整個 Spirit 團隊。 2022 年在許多方面都是充滿挑戰的一年，因為我們的團隊堅持不懈，並繼續為 2023 年做好準備。

With that, I'll turn it back over to Ted for closing remarks.

有了這個，我會把它轉回給 Ted 作結束語。

Okay, Scott. Thanks for that brief overview. Now that 2022 is wrapped, we are excited to turn our attention to leveraging our strengths to make marked financial improvement in 2023. We are in a strong liquidity position to have minimal non-aircraft CapEx. We expect to produce solid EBITDA for full year 2023. In addition, we have the option to finance our new headquarters campus in Dania Beach, should we decide to do so.

好的，斯科特。感謝您的簡要概述。現在 2022 年已經結束，我們很高興將注意力轉移到利用我們的優勢在 2023 年取得顯著的財務改善。我們處於強大的流動性狀況，可以將非飛機資本支出降至最低。我們希望在 2023 年全年產生可觀的 EBITDA。此外，如果我們決定這樣做，我們可以選擇為我們在達尼亞海灘的新總部園區提供資金。

We are steadily building back to full utilization. And despite some unexpected setbacks with engine availability issues, we are on track to reach normalized utilization by the end of the year. However, our progress will be measured and intentional so we don't overstress the surrounding infrastructure.

我們正在穩步恢復充分利用。儘管在發動機可用性問題上遇到了一些意想不到的挫折，但我們有望在年底前實現正常利用率。然而，我們的進步將是有計劃的和有意識的，因此我們不會對周圍的基礎設施造成過大的壓力。

As we move through the year, if we gain confidence in the surrounding infrastructure, we have the assets to move the needle on utilization a bit faster. While our new pilot contract does add unit cost and margin pressure, we do expect the new contract to have a favorable impact on our attrition rates.

在我們度過這一年的過程中，如果我們對周圍的基礎設施充滿信心，我們就有能力更快地提高利用率。雖然我們的新試點合同確實增加了單位成本和利潤壓力，但我們確實希望新合同對我們的損耗率產生有利影響。

We take our first A321neo in the first quarter and a total of 10 in 2023, which over time will gradually increase our average gauge and naturally drive productivity. Adding A321neos and retiring the A319ceos will also improve fuel CASM. We estimate that, on average, an A321neo will produce 113 ASMs per gallon, while the retiring 319s on average produced 73 ASMs per gallon. We won't get into the full benefit of these changes in 2023 as we are only retiring a portion of the 319 fleet in 2023 and are taking only a handful of A321neos this year, but fuel efficiency should steadily improve as we move through 2023.

我們在第一季度採用了我們的第一架 A321neo，到 2023 年總共採用了 10 架，隨著時間的推移，這將逐漸增加我們的平均規格並自然地提高生產力。添加 A321neos 和退役 A319ceos 也將改善燃料 CASM。我們估計，一架 A321neo 平均每加侖產生 113 個 ASM，而退役的 319 平均每加侖產生 73 個 ASM。我們不會在 2023 年充分享受這些變化帶來的好處，因為我們只會在 2023 年退役一部分 319 機隊，並且今年只會接收少量 A321neo，但隨著 2023 年的到來，燃油效率應該會穩步提高。

With utilization levels returning and fleet-related benefits on unit cost and fuel burn, we expect CASM and CASM ex will be lower in 2024 than it will be in 2023. Demand for our product has remained strong. Our team continues to explore new ancillary opportunities, and we anticipate we will set another nonticket revenue per segment record in 2023.

隨著利用率水平的恢復以及與車隊相關的單位成本和燃油消耗的好處，我們預計 CASM 和 CASM ex 在 2024 年將低於 2023 年。對我們產品的需求依然強勁。我們的團隊繼續探索新的輔助機會，我們預計我們將在 2023 年再創下每個細分市場的非門票收入記錄。

With that, back to DeAnne.

有了這個，回到DeAnne。

Thank you. We are now ready to take questions from the analysts. We ask you limit yourself to 1 question with 1 related follow-up. Abby, we are ready to begin.

謝謝。我們現在準備好接受分析師的提問。我們要求您將自己限制在 1 個問題和 1 個相關的跟進中。艾比，我們準備開始了。

(Operator Instructions) And we will take our first question from Mike Linenberg with Deutsche Bank.

（操作員說明）我們將從德意志銀行的 Mike Linenberg 那裡回答我們的第一個問題。

I guess a quick one and a quick follow-up here. I guess to Matt. As you think about retiring these A319s, does it preclude you -- and I get -- I appreciate the fuel efficiency, Ted that you spelled out comparing the A319s versus the A320neos. But does it preclude you from flying certain markets, whether they're experimental or maybe smaller or medium-sized markets with the bigger shelves, are you sort of pigeon hold into flying some of the biggest routes? Like what's the loss there from your ability to develop new markets with no longer having the A319s? And did you ever consider maybe an A319neo?

我想在這裡快速跟進。我猜是馬特。當你考慮讓這些 A319 退役時，它是否排除了你——我明白了——我很欣賞燃油效率，特德，你詳細說明了 A319 與 A320neos 的比較。但這是否會阻止您飛行某些市場，無論它們是試驗性市場還是貨架較大的中小型市場，您是否有點鴿子堅持飛行一些最大的航線？就像您在不再擁有 A319 的情況下開發新市場的能力有什麼損失？你有沒有考慮過 A319neo？

Mike, yes, in terms of where we deploy the aircraft, having the 319ceos retire does not stop our ability to grow or expand in any given route, even experimentally if we choose to do that. Really, what's become easier and better to do over time with larger aircraft. As you can go in sort of day of week to certain places and test things out that way and then continue to grow off of that. And that's not really brand new for us. We have done that in the past, and we would continue to do that. If we thought there are opportunities out there, that maybe can't support daily right out of the gate, we would go on with day a week and then develop out from there, making sure that we're still right in that decision.

邁克，是的，就我們部署飛機的位置而言，讓 319ceos 退役並不會阻止我們在任何給定航線上發展或擴展的能力，即使我們選擇這樣做也是實驗性的。確實，隨著時間的推移，使用大型飛機做的事情變得更容易、更好了。因為您可以在一周中的某天去某些地方並以這種方式進行測試，然後繼續發展。這對我們來說並不是全新的。我們過去已經這樣做了，我們將繼續這樣做。如果我們認為那裡有機會，也許不能一開始就支持每天，我們會每周堅持一天，然後從那裡發展，確保我們的決定仍然是正確的。

Okay. That's helpful.

好的。這很有幫助。

Mike, I'll add another pile on to Matt's comment. As we've been playing the fleet over the last sort of 5 to 10 years, we knew that the A320neo and its range capabilities would replace a good bit of the need for the 19ceo, given that, that was our long-haul fleet. And so as we've gotten bigger and bigger in our A320neos, we knew that would be a long-haul replacement for us, and the operating costs are pretty similar. So that was always going to be the case. So I think that's where Matt and the network guys utilizing the neo where it should be placed.

邁克，我將在馬特的評論中再添加一堆。在過去 5 到 10 年的時間裡，我們一直在研究機隊，我們知道 A320neo 及其航程能力將在很大程度上取代 19ceo 的需求，因為那是我們的長途機隊。因此，隨著我們的 A320neos 變得越來越大，我們知道這將是我們的長期替代品，而且運營成本非常相似。所以情況總是如此。所以我認為這就是 Matt 和使用 neo 的網絡人員應該放置的地方。

Okay. And then just on sort of related, as we think about the 19% to 22% growth in 2023, how much of that is actually gauge related versus maybe new markets? Or are you just filling in the frequency to drive to that higher utilization to get back to normalcy by year-end?

好的。然後就某種相關性而言，當我們考慮 2023 年 19% 至 22% 的增長時，其中有多少實際上是與儀表相關的，而不是新市場？或者您只是填寫頻率以提高利用率以在年底前恢復正常？

Yes, these -- Mike, most of the growth there is going to be coming as we look to continue to add frequencies in places where we're already strong, the makeup of that growth is going to be less so from new routes and more likely going to be really continuing to a trend that we've had for the last few years, which is where we're strong. We're going to continue to accentuate those strengths, and we will continue to test out new places for us moving forward.

是的，這些——邁克，隨著我們希望繼續在我們已經很強大的地方增加頻率，那裡的大部分增長將會到來，這種增長的構成將減少來自新航線和更多可能會真正延續我們過去幾年的趨勢，這是我們的強項。我們將繼續強調這些優勢，我們將繼續為我們前進測試新的地方。

Gauge does continue to slightly increase, as I think Ted said in his remarks. So we will see a little bit of gauge increase throughout the year. And then in terms of a lot of when the deliveries are coming, they are coming throughout the year. There are a bunch -- using that technical term, a bunch are coming near the end of the year. So a lot of deliveries come in the fourth quarter, and you'll see a lot of that deployed into 2024, more so than 2023. So that's a bit of the change in the capacity profile as well.

正如我認為 Ted 在他的發言中所說的那樣，Gauge 確實繼續略有增加。因此，我們將在全年看到軌距略有增加。然後就很多交貨時間而言，它們全年都會到來。有一堆 - 使用該技術術語，一堆將在今年年底到來。因此，第四季度有很多交付，你會看到很多交付到 2024 年，而不是 2023 年。所以這也是容量配置文件的一些變化。

I'd say -- this is Ted and the last add-on to that is, obviously, utilization is increasing throughout the year. So that's adding to the 19% to 22% . I would agree with Matt, I think the gauge is the smallest component of it. I think it's more of the aircraft deliveries and the utilization improvement that's driving the capacity move.

我想說——這是 Ted，最後一個附加項是，很明顯，全年的利用率都在增加。所以這增加了 19% 到 22%。我同意 Matt 的觀點，我認為儀表是其中最小的組成部分。我認為更多的是飛機交付和利用率的提高推動了運力的增長。

And we will take our next question from Jamie Baker with JPMorgan.

我們將接受 JPMorgan 的 Jamie Baker 的下一個問題。

Quick one on pilots. As I recall, the contract had richer increases for first officers than for captains, which kind of seems sensible given the industry challenges right now. I know it's very early, but have you seen any changes yet in the cadence of applications? And is the tempered 2023 growth rate have any specific assumptions in this regard, like an uptick in applicants? Or is the tempered growth solely a function of the aircraft issues that you spoke about?

快速介紹飛行員。我記得，合同對副駕駛的加薪比對船長的加薪要高，考慮到目前行業面臨的挑戰，這似乎是明智的。我知道現在還很早，但是您是否看到應用程序的節奏有任何變化？緩和的 2023 年增長率在這方面是否有任何具體假設，例如申請人數增加？抑或增長放緩僅僅是你所說的飛機問題的結果？

So as to the first question, it is too early to call it one way or the other. I mean, our pilots ratified this contract about less than a month ago. So I think initial signs are positive, however, both as it relates to attrition and our continued throughput on new hires. So we feel like that will produce the kind of results we see.

因此，關於第一個問題，現在就如何稱呼它還為時過早。我的意思是，我們的飛行員大約在不到一個月前批准了這份合同。因此，我認為初步跡像是積極的，因為這與人員流失和我們對新員工的持續吞吐量有關。所以我們覺得這會產生我們看到的那種結果。

To the second question, the more muted growth rate has almost entirely everything to do with the fleet moves that Scott mentioned both the neo issue, the Airbus delivery delays. Admittedly, the 319 retirement was different than our planned assumption, but that was going to happen eventually.

對於第二個問題，更溫和的增長率幾乎完全與斯科特提到的新問題、空中客車交付延遲的機隊變動有關。不可否認，319 退役與我們計劃的假設不同，但這最終會發生。

So I think it's more of that. I think we have adequate staffing and throughput to staff a bigger airline, which is why I said in my comments that if we start to feel more comfortable that ATC problems are getting resolved quicker, that we're not seeing as much -- as many issues with catering trucks and fueling trucks and stuff like that, we could probably tick the growth up a little bit more, but we'll wait to see that first.

所以我認為更多的是。我認為我們有足夠的人員配備和吞吐量來為一家更大的航空公司配備人員，這就是為什麼我在評論中說，如果我們開始對 ATC 問題得到更快解決感到更放心，我們就不會看到那麼多——那麼多餐飲卡車和加油卡車之類的問題，我們可能會稍微增加一點增長，但我們會先等著看。

Got it. And second question, just because it's generated some headlines, and I'm getting questions here. The estimate or your comment that you expect to hear from the DOJ in the next 30 days, is that a well-informed estimate on your part or something that specifically Justice has guided you to?

知道了。第二個問題，只是因為它產生了一些頭條新聞，我在這裡收到了問題。您希望在未來 30 天內從美國司法部聽到的估計或您的評論是您的知情估計還是司法部特別指導您的事情？

Not to guess on my part, just based on where we've seen the process goes. So I wouldn't -- I said or so. I said or so because I mean it could be longer than that. But we're into the process right now and have been working with the DOJ on making sure we satisfy the request and that sort of thing. So as we've laid out, or I guess, JetBlue has been more specific in laying out the process. I think it's consistent with their view on where things will go and still in line with what the timing estimates were that were given early on.

不要猜測我的部分，只是基於我們所看到的過程進行的地方。所以我不會——我是這麼說的。我之所以這麼說是因為我的意思是它可能比那更長。但我們現在正在進入流程，並一直在與 DOJ 合作，以確保我們滿足請求和諸如此類的事情。因此，正如我們已經制定的那樣，或者我猜，捷藍航空在製定流程方面更加具體。我認為這與他們對事情發展方向的看法一致，並且仍然符合早期給出的時間估計。

Okay. That's really helpful. Look forward to seeing you next month at our conference. Take care.

好的。這真的很有幫助。期待下個月在我們的會議上見到您。小心。

We will take our next question from Duane Pfennigwerth with Evercore ISI.

我們將接受 Evercore ISI 的 Duane Pfennigwerth 的下一個問題。

You talked about time on wing, lower time on wing, that is a phrase you used at least 2 or 3 times on the call. Can you speak a little bit more specifically what was the expectation in your planning in terms of cycles or years? And what is it that you're realizing and who bears the higher cost there?

你談到了機翼時間，機翼時間，這是你在電話中至少使用了 2 或 3 次的短語。您能否更具體地談談您在規劃中對周期或年數的期望是什麼？您意識到的是什麼，誰承擔了更高的成本？

So I'll do my best to summarize. I don't have the specific data at hand. But when we purchased this engine and went through the RFP process to determine what the power plant was going to be on the neo. We made assumptions about time on wing between major shop visits and reliability, generally speaking, for unscheduled removals that were consistent assumptions with what we've experienced with our CO power.

所以我會盡力總結。我手頭沒有具體數據。但是當我們購買這台發動機並通過 RFP 流程來確定 neo 上的發電廠時。我們對主要車間訪問之間的機翼時間和可靠性做出了假設，一般來說，對於計劃外的移除，這些假設與我們對 CO 電源所經歷的假設一致。

So with the V2500, what has been experienced with the other engine manufacturers kind of legacy power, that sort of thing. It's fair to say that the teething issues have gone longer and deeper than any operator anticipated. I think that's fair for the 2 manufacturers as well. So rather than it being 6 or 7 or 8 years between removals and shop visits, we're seeing a considerable higher uptick in frequency. Just last year, I think believe we removed 30-plus engines. And we've been operating this aircraft for about 6 years, of which the vast majority of them have delivered over the last 2.

因此，對於 V2500，其他引擎製造商所體驗到的那種傳統動力，諸如此類。可以公平地說，初期問題比任何運營商預期的時間更長、更深。我認為這對兩家製造商也是公平的。因此，我們看到從搬家到商店參觀之間的間隔不是 6 年、7 年或 8 年，而是頻率大幅上升。就在去年，我認為我們拆除了 30 多台發動機。我們已經運營這架飛機大約 6 年了，其中絕大多數是在過去 2 年交付的。

So we're still working through it. And obviously, there is warranty on the engines that's part of our purchase agreement and that is -- we're satisfied with the cover there. And in constant discussions with Pratt on the best way to kind of like mitigate these problems and come up with a better solution. And they've been a willing partner. It's just -- I know it's frustrating for both of us that we're still here right now.

所以我們仍在努力解決它。很明顯，我們的購買協議中有發動機保修，也就是說 - 我們對那裡的封面感到滿意。在與 Pratt 不斷討論減輕這些問題並提出更好解決方案的最佳方法時。他們一直是一個心甘情願的合作夥伴。只是——我知道我們現在還在這裡，這讓我們都很沮喪。

So it sounds more like an aircraft availability issue than a cost issue?

所以這聽起來更像是飛機可用性問題而不是成本問題？

That's right. Right now, it is largely that. I mentioned that in a 2-week period, what happened to us right now, we just -- we didn't anticipate having that many aircraft without engines available, either spare engines or returns from the shop. And so we had to take utilization down as a result because those are impactful to fleet utilization.

這是正確的。現在，主要是這樣。我提到在兩週的時間裡，我們現在發生的事情，我們只是 - 我們沒有預料到會有那麼多沒有發動機可用的飛機，無論是備用發動機還是從商店退回。因此，我們不得不降低利用率，因為這些對車隊利用率有影響。

Got it. Got it. And then just on the Airbus delivery delays, can you speak to any penalties or credits related to that?

知道了。知道了。然後就空客交付延誤而言，您能否談談與此相關的任何處罰或積分？

Duane, this is Scott. So no, there are no penalties at this point. These are sort of excused delays with the supply chain issues that are happening around the world. Airbus is not immune. So at this point, no financial components associated.

杜安，這是斯科特。所以不，目前沒有處罰。這些是世界各地正在發生的供應鏈問題的可原諒延誤。空中客車公司也不能倖免。所以在這一點上，沒有關聯的財務組件。

(Operator Instructions) And we will take our next question from Dan McKenzie with Seaport Global.

（操作員說明）我們將與 Seaport Global 一起接受 Dan McKenzie 的下一個問題。

Going back to the script and the headwinds to normalized margins and the more conservative approach to schedules this year. With respect to the downward pressure on revenue that you referenced, how much downward pressure is reversed as you get back to normalized network planning and utilization? And I guess what's the best way for investors to get comfortable with continued revenue execution?

回到劇本和逆風到正常化的利潤率和今年更保守的時間表方法。關於你提到的收入下行壓力，當你回到正常的網絡規劃和利用時，有多少下行壓力被扭轉了？我想投資者對持續的收入執行感到滿意的最佳方式是什麼？

Dan, it's Matt. I'll take that. There's a couple of components that flow into that. One is, we continue to have -- on purpose, we're still a little smaller fly into Florida than we would otherwise be. And then another thing, and this is the same trend that we saw in our schedule last quarter as well, which is just flying more off-peak days of week as well. And the reason why we're doing that is largely to make sure we can maintain a reliable operation at our airports and for all of our crew and team members out there.

丹，是馬特。我會接受的。有幾個組件流入其中。一是，我們繼續——有意地，我們仍然比其他情況下飛往佛羅里達的飛機要小一些。然後是另一件事，這與我們在上個季度的日程安排中看到的趨勢相同，這也是一周中更多非高峰日的飛行。我們這樣做的原因主要是為了確保我們能夠在我們的機場以及我們所有的機組人員和團隊成員維持可靠的運營。

So those 2 components combined add up to about 1.5 points in the first quarter is our expectation that we're taking when we talk about unit revenue penalty. So last quarter, it was more than that. So as we move through the spring towards the summer, we should start to see some of that relax naturally as we would fly more off-peak days of the week, normally as we head towards the peak.

因此，這兩個部分在第一季度加起來約為 1.5 個百分點，這是我們在談論單位收入損失時的預期。所以上個季度，不止於此。因此，當我們從春天走向夏天時，我們應該開始看到其中一些自然放鬆，因為我們會在一周中的更多非高峰日飛行，通常是在我們前往高峰期時。

And then the question will be is, as we operate through the spring and the summer, then we'll know how things are going towards the fall. So it's a little early for us to talk about the fall post summer to think about these kinds of impacts to get revenue in the network. But we're confident that we're building up. Ted mentioned our operation last year was Mid-Pac in both on-time performance and completion factor. We're good with that. And as long as we can continue to maintain that, we'll be able to keep loosening up these restrictions as the year progresses.

然後問題是，當我們在春季和夏季開展業務時，我們就會知道秋季的情況。因此，我們現在談論夏季後的秋季來考慮這些影響以在網絡中獲得收入還為時過早。但我們有信心我們正在建立。 Ted 提到我們去年的運營在準時性能和完工率方面都處於中太平洋地區。我們對此很好。只要我們能夠繼續保持這一點，我們就能夠隨著時間的推移不斷放寬這些限制。

I see. And then second question here. The normalized operations in the fourth quarter later this year, does that assume that Pratt & Whitney issues are resolved by then? And I guess, just more broadly, if you could address SAVE's cost structure today and to what extent the cost structure is a margin headwind in the next cycle? And with that, if it is -- if it's not, can pretax margins get back to where they've been historically or at least how should investors think about what a normalized margin should look like for Spirit?

我懂了。然後這裡是第二個問題。今年晚些時候第四季度的正常運營，是否假設屆時普惠公司的問題已經解決？我想，更廣泛地說，如果你今天能解決 SAVE 的成本結構，以及成本結構在多大程度上是下一個週期的利潤逆風？有了這個，如果是——如果不是，稅前利潤率能否回到歷史水平，或者至少投資者應該如何考慮 Spirit 的正常利潤率應該是什麼樣子？

Dan, so as for the first half -- this is Ted. We do make an assumption that we're going to be collectively with Pratt resolving the availability issue on the neo throughout the remainder of this year, such that by the time we hit the fourth quarter, we're able to support full utilization, which would include aircraft that are currently unable to be operated. So there is an assumption in there, which obviously could change if we don't get the mitigation efforts and the improvement that we're hoping for. But we'll keep you posted on that throughout the year. And maybe, Scott, do you want to comment on CASM and margins.

丹，至於上半場——我是泰德。我們確實假設我們將在今年剩餘時間內與 Pratt 共同解決 neo 的可用性問題，這樣到第四季度時，我們能夠支持充分利用，這將包括目前無法運營的飛機。所以那裡有一個假設，如果我們沒有得到我們希望的緩解措施和改進，這顯然可能會改變。但我們會全年通知您。也許，斯科特，你想對 CASM 和利潤率發表評論嗎？

Yes. So quickly on unit cost and maybe go forward views on unit cost margin. Obviously, the 3 components that we've talked about a lot and every airline has, which is aircraft -- sorry, airport cost and labor costs, which make the majority of our move. And the biggest is obviously labor. Labor accounts for probably north of 60% of our unit cost increase versus 2019. And the other is how we're sort of thinking about aircraft financing, which could be temporary or at least in this window has been primarily sale-leaseback financing and operating leases which is probably a 10- to 15-point headwind on unit cost by itself. So it's aircraft rent, it's labor, it's airport costs, which has been the big mover for us.

是的。單位成本如此之快，可能會提出關於單位成本利潤率的觀點。顯然，我們已經討論了很多並且每個航空公司都有的 3 個組成部分，即飛機——對不起，機場成本和人工成本，這是我們採取行動的主要因素。而最大的顯然是勞動力。與 2019 年相比，勞動力可能占我們單位成本增長的 60% 以上。另一個是我們如何考慮飛機融資，這可能是暫時的，或者至少在這個窗口中主要是售後回租融資和運營租賃本身可能是單位成本的 10 到 15 個百分點的逆風。所以它是飛機租金，它是勞動力，它是機場成本，這對我們來說是最大的推動力。

And so going forward, it's about getting efficiency in the other parts of the business, getting back to full utilization or very close to it. But there are going to be other operating parameters that are going to be difficult for the industry. And we've talked about it every airline has talked about the parameters operating today are different than what they were pre COVID. So it's going to take a little more infrastructure to do that than it did in 2019, but we've put those investments in place. So we expect full utilization to be a product that we'll get to by the end of the year and into 2024.

因此，展望未來，這是關於提高業務其他部分的效率，恢復充分利用或非常接近充分利用。但是還有其他操作參數對行業來說是困難的。我們已經討論過了，每家航空公司都在談論今天運營的參數與 COVID 之前的參數不同。因此，與 2019 年相比，要做到這一點需要更多的基礎設施，但我們已經將這些投資落實到位。因此，我們預計到今年年底和 2024 年，我們將實現充分利用。

But I think the fundamental component about our margin production is still sort of mid-teens margins. We think that as the supply/demand impact is back to an equilibrium, fuel goes back to where it's sort of been as an average, we expect us to produce mid-teens margins. So I think that's where we're thinking about the growth of the airline and all the components with it. So I hope that helps.

但我認為我們保證金生產的基本組成部分仍然是十幾歲左右的利潤率。我們認為，隨著供需影響恢復平衡，燃料回到平均水平，我們預計我們將產生十幾歲的利潤率。所以我認為這就是我們考慮航空公司及其所有組成部分的增長的地方。所以我希望能有所幫助。

And we will take our next question from Helane Becker with Cowen.

我們將與 Cowen 一起接受 Helane Becker 的下一個問題。

So my first question is with respect to your ancillaries. How are you thinking about I guess, increasing them. I mean where do you -- maybe that's not the right question. Maybe it's more like where do you think they can go? They seem pretty high now, but how high do you think they can go?

所以我的第一個問題是關於你的輔助設備。我猜你是怎麼想的，增加它們。我的意思是你在哪裡——也許這不是正確的問題。也許這更像是您認為他們可以去哪裡？他們現在看起來很高，但你認為他們能走多高？

Helane, it's Matt. We -- in terms of ancillaries, we're not going to plan to flag today and give a target as to where we think it can go specifically. I can tell you, as Ted mentioned, we expect to have another record this year. We continue to expect it to march upwards.

海蘭，我是馬特。我們 - 就輔助設備而言，我們不打算今天標記並給出我們認為它可以具體去向的目標。我可以告訴你，正如 Ted 提到的，我們預計今年會再創紀錄。我們繼續期望它會向上發展。

We do continue to improve in terms of the way that we merchandise products, and making sure that everything continues to improve from a guest experience perspective in terms of getting through the purchase process. That's not just on our website, but on our app as well. We also have what we believe to be, if not the largest, one of the largest reaches to third parties in terms of selling our ancillary products now as well. So that's been beneficial from a distribution perspective. And even if guests aren't purchasing ancillaries on their first contact with us, we do know that the more often that they see the products, if they're not frequent Spirit travelers it leads to better take rates down the line for them as well before they get to the airport or before they board the aircraft.

我們確實會繼續改進我們銷售產品的方式，並確保從客戶體驗的角度來看，在購買過程中一切都在不斷改進。這不僅在我們的網站上，而且在我們的應用程序上也是如此。在銷售我們的輔助產品方面，我們也擁有我們認為的，即使不是最大的，也是最大的第三方之一。因此，從分發的角度來看，這是有益的。即使客人在第一次與我們聯繫時沒有購買輔助設施，我們也知道他們看到產品的次數越多，如果他們不是 Spirit 的常客，也可以更好地為他們降低價格在他們到達機場之前或登機之前。

So it's about merchandising, distribution and also just continuing our ongoing improvements in revenue management strategy and the technologies that we're building to put in place to help us manage the products. Similar to the traditional revenue management of just the ticket in general, we continue to mak estrides with revenue management of the ancillaries as well.

因此，這與商品銷售、分銷有關，也只是繼續我們在收入管理戰略和我們正在構建的技術方面的持續改進，以幫助我們管理產品。與一般僅對機票進行的傳統收入管理類似，我們也繼續在輔助產品的收入管理方面取得進展。

Okay. That's hugely helpful. And then just for my follow-up question, it's really just a clarification. On ASMs, I think you said -- I'm not sure who you or Scott said that they were mostly second half, right, weighted. You're seeing capacity increases in the second half of the year. So are you assuming that the engine relief will be there by the summer months? Or how should we think about that?

好的。這非常有幫助。然後就我的後續問題而言，這實際上只是一個澄清。在 ASM 上，我想你說過——我不確定你或斯科特是誰說他們主要是下半場，對，加權。你會看到今年下半年的產能增加。那麼，您是否假設在夏季幾個月前會減輕發動機壓力？或者我們應該如何考慮？

Helane, this is Ted. Yes, we do have a back-end SKU delivery schedule with Airbus, which I think is what you're referring to, which affects ASM production, but doesn't affect utilization because the airplanes aren't there. What's more impactful to utilization is that the aircraft that have already been delivered and are not being operated because they're sitting on ground. Those are the engine issues.

海蘭，這是泰德。是的，我們確實有空客的後端 SKU 交付時間表，我認為這就是你所指的，這會影響 ASM 生產，但不會影響利用率，因為飛機不在那裡。對利用率影響更大的是已經交付但未運行的飛機，因為它們停在地面上。這些是發動機問題。

We do expect that by the fourth quarter, that will have a resolution to it. And we're working with Pratt on ways to mitigate the impacts throughout the course of the year. Obviously, if we're right, then we should land exactly where we expect. If we're wrong, then there will be potential utilization penalty in the fourth quarter. But right now, that's our base case.

我們確實希望到第四季度，這將有一個解決方案。我們正在與 Pratt 合作，研究如何在全年中減輕影響。顯然，如果我們是對的，那麼我們應該準確地降落在我們期望的地方。如果我們錯了，那麼第四季度可能會出現利用率損失。但現在，這是我們的基本情況。

And we will take our next question from Savi Syth with Raymond James.

我們將與 Raymond James 一起接受 Savi Syth 的下一個問題。

A couple of follow-up questions actually on the capacity growth. Wondering if you could kind of talk about stage versus departure. It seems like your stage length has come down quite a bit. I'm just curious what's driving that and if we should see this as a new level? Or how you can expect that to progress in 2023?

實際上是關於容量增長的幾個後續問題。想知道你是否可以談談階段與出發。看起來你的舞台長度已經縮短了很多。我只是好奇是什麼推動了這一點，我們是否應該將其視為一個新的水平？或者你怎麼能期望它在 2023 年取得進展？

Savi, it's Matt. So in terms of stage, our stage is coming in slightly from where it had been. And really, without getting into all the technical reasons behind that, just know that some of the delays that we've seen, as Ted and Scott has mentioned, with not just deliveries, but some of the on-wing -- time on wing engine issues with the neo has caused us to make some very, I would call it, close-in network changes that we weren't anticipating.

薩維，我是馬特。因此，就舞台而言，我們的舞台與過去相比略有進步。真的，在不深入研究其背後的所有技術原因的情況下，只知道我們已經看到的一些延誤，正如 Ted 和 Scott 所提到的，不僅僅是交付，還有一些在翼時間——在翼時間neo 的引擎問題導致我們進行了一些我們沒有預料到的非常接近網絡的更改。

And without getting into all the specifics about it, what's ended up happening is we've ended up pulling some of the longer haul, which is making the stage look shorter than really we had initially intended it to be. So we're taking all this into account. We now have a better view on what's going on with the engine issues and the fleet plan overall, which has been moving a little bit over the last, say, 6 to 8 weeks or so. So now they have a better handle on that. We'll be able to think about the network more fully as we move through this year. All of that wrapped up to say we're aware of the stage number and where it's at, and we anticipate it will lengthen out from here, but you'll see that as we move through the year with the way that we think about the network. That will just get published as the schedules come out.

在不深入了解所有細節的情況下，最終發生的事情是我們最終拉了一些較長的距離，這使得舞台看起來比我們最初預期的要短。所以我們正在考慮所有這些。現在，我們對發動機問題和整體機隊計劃的進展情況有了更好的了解，在過去的 6 到 8 週左右的時間裡，機隊計劃發生了一些變化。所以現在他們可以更好地處理這個問題。隨著今年的推進，我們將能夠更全面地考慮網絡。所有這些都表明我們知道階段編號及其位置，我們預計它會從這裡延長，但隨著我們以我們思考的方式度過這一年，你會看到這一點網絡。這將隨著時間表的發布而發布。

That's helpful. And if I might ask just on the peak versus off-peak demand trends, like -- it seemed like in the fourth quarter, the off-peaks maybe were a bit stronger than you've seen in the past. And is that right? And are you seeing that trend continuing? And just as you kind of look at February, March, how does the off-peak and peak trends compared to what you saw in the fourth quarter?

這很有幫助。如果我可能只問高峰與非高峰需求趨勢，比如 - 似乎在第四季度，非高峰可能比你過去看到的要強一些。是這樣嗎？你是否看到這種趨勢還在繼續？就像你看 2 月、3 月一樣，與你在第四季度看到的相比，非高峰和高峰趨勢如何？

Yes. So the off peak in the fourth quarter was probably a little bit stronger than we're seeing here in the first quarter, but I'm not talking that up to anything really other than some holiday shift things were dramatic. The Christmas and New Year's period shifted by an entire week, which is not insignificant, and it just changes the way that everyone kind of thinks about off-peak travel after you come out of a peak.

是的。因此，第四季度的非高峰期可能比我們在第一季度看到的要強一些，但我並不是說除了一些假期輪班之外的任何事情都是戲劇性的。聖誕節和新年期間錯開整整一周，這不是微不足道的，它只是改變了大家對走出高峰後的淡季旅行的看法。

So I'm -- definitely, the off-peaks are a little bit weaker right now than they were in the fourth quarter, but it's not unexpected based on the holiday shift, is the way I would say it. And the peaks that we're seeing as we move through the first quarter are strong. Every time we flowed out a little bit more inventory, if we see any kind of opportunity to drive some lower yield demand, we are seeing that inventory gets snapped up right away.

所以我 - 當然，現在的非高峰期比第四季度要弱一些，但根據假期的變化，這並不意外，我會這麼說。我們在第一季度看到的峰值很強勁。每次我們流出多一點庫存時，如果我們看到任何一種機會來推動一些較低產量的需求，我們就會看到庫存會立即被搶購一空。

So demand is strong. We anticipate this will not just push through spring break, but really head through the shoulder period in Q2 and really move into the summer well. We're not seeing any indications of any kind of falloff of demand. And this a little bit of off-peak happening right now is really a blip and not anything that I'm concerned about.

所以需求旺盛。我們預計這不僅會推動春假，而且會真正度過第二季度的平淡期，並真正順利進入夏季。我們沒有看到任何需求下降的跡象。現在發生的這種非高峰期確實是曇花一現，我並不擔心。

And we will take our next question from Stephen Trent with Citi.

我們將接受來自花旗銀行的斯蒂芬特倫特的下一個問題。

Several of mine have been answered, but I did want to follow up on the improvements you guys mentioned with extra crew and you mentioned you've got some infrastructure help those [for whatever] runway stuff is out of the way. And when I think about how well you guys handled the December storm. Could you kind of give us any color regarding what other strategies you may have employed such as maybe investments in flight op software or something along those lines?

我的幾個問題已經得到答复，但我確實想跟進你們提到的改進，還有額外的工作人員，你們提到你們有一些基礎設施可以幫助那些 [for whatever] 跑道的東西。當我想到你們如何應對 12 月的風暴時。關於您可能採用的其他策略，例如可能投資於飛行操作軟件或類似的東西，您能否給我們一些顏色？

Sure, Stephen. So over the course of last year, we did discuss a number of the initiatives that the company had launched since 2021 to improve reliability across the network. And obviously, some of those are notably our crew-related reliability items. We opened 3 new crew bases last year, which is a pretty significant move for us and has had the expected effect. We're more targeted with the buffers we use around the network, both crew-related buffers as well as aircraft time-related buffers. Matt mentioned that the network is more stable throughout the course of the week and throughout the course of the month. That is a reliability enhancer also. Most of our flying today comes from our lands and a crew base, which is a change in the network.

當然，斯蒂芬。因此，在去年的過程中，我們確實討論了該公司自 2021 年以來為提高整個網絡的可靠性而推出的一些舉措。顯然，其中一些特別是我們與機組人員相關的可靠性項目。去年我們新開了3個船員基地，這對我們來說是一個非常重要的舉措，並且達到了預期的效果。我們更專注於我們在網絡周圍使用的緩衝區，包括與機組人員相關的緩衝區以及與飛機時間相關的緩衝區。 Matt 提到網絡在整個星期和整個月期間都更加穩定。這也是一個可靠性增強器。我們今天的大部分飛行都來自我們的土地和機組人員基地，這是網絡的變化。

And then we have deployed a number of initiatives around crew services that help our crew scheduling team react to and deal with interruption when it happens and our crews have noticed. They're able to get their issues resolved much faster, and that helps our crew scheduling team repair the network faster. So those are all kind of like the lessons -- we're not done, by the way. There's still quite a bit of work to be done to finalize where we want to land.

然後我們圍繞船員服務部署了一些舉措，幫助我們的船員調度團隊在中斷發生並且我們的船員注意到時做出反應和處理。他們能夠更快地解決問題，這有助於我們的工作人員調度團隊更快地修復網絡。所以這些都有點像課程——順便說一下，我們還沒有完成。要最終確定我們想要降落的地方，還有很多工作要做。

But I would tell you that it was not a seamless operating fourth quarter. We had the late hurricane activity, the Winter Storm Elliott, it was messy. And we saw that across the industry, but I am proud of the way our network responded and our group responded. And I think that just gets further enhanced from here.

但我會告訴你，這不是一個無縫運行的第四季度。我們有晚期颶風活動，冬季風暴埃利奧特，它很亂。我們在整個行業都看到了這一點，但我為我們的網絡和我們團隊的回應方式感到自豪。而且我認為從這裡得到進一步加強。

Super. Appreciate that. And as my follow-up, just very quickly, when I think about your [self-done] international flying, over the last 3 to 4 years, Mexico's practically hasn't slowed down at all. It never shut down with the pandemic. Are you seeing any sort of shifts in terms of maybe one market growth moderating as it hits harder comps and other places starting to open up? Or is it still about the same as it's been in the last several quarters?

極好的。感謝。作為我的後續行動，很快，當我想到你的 [self-done] 國際飛行時，在過去的 3 到 4 年裡，墨西哥的速度幾乎沒有放緩。它從未因大流行而關閉。你是否看到任何一種變化，可能是一個市場增長放緩，因為它打擊了更難的競爭和其他地方開始開放？還是與過去幾個季度的情況大致相同？

Yes, Stephen, it's Matt. Our Latin America and Caribbean network continues to build well, continues to see strength. We have had -- like any part of the network, there's always a route here or there that needs to be adjusted or retimed. Generally speaking, I would tell you that some of the issues that we saw in the early part of last year, when it had to do with some of the international VFR roots, they've all recovered well. We had a strong holiday period and we're anticipating and expect to see a strong spring, spring break here as well as we head towards the summer.

是的，斯蒂芬，我是馬特。我們的拉丁美洲和加勒比地區網絡繼續建設良好，繼續看到實力。我們已經 - 就像網絡的任何部分一樣，這里或那裡總是有一條路線需要調整或重新定時。一般來說，我會告訴你，我們在去年年初看到的一些問題，當它與一些國際 VFR 根源有關時，它們都恢復得很好。我們度過了一個充實的假期，我們期待並期望看到一個充實的春天，這裡的春假以及我們即將迎來的夏天。

I don't know specifically that I want to talk about headwinds that we may see on year-over-year comps. Right now, we're really focused on just the absolute and maximizing what we see out there. And when we talk about ancillary products and services, the take rates and the rates that we're seeing are -- continue to do well and perform there. So nothing that I would say is slowing down at this point.

我不知道具體我想談談我們可能會在同比比較中看到的逆風。現在，我們真的專注於絕對和最大化我們在那裡看到的東西。當我們談論輔助產品和服務時，我們看到的採用率和費率 - 繼續表現良好並在那裡表現。所以在這一點上，我想說的一切都沒有放緩。

We will take our next question from Scott Group with Wolfe Research.

我們將與 Wolfe Research 一起接受 Scott Group 的下一個問題。

Your comment about being profitable for the year. Can you just talk about the fuel and RASM assumptions you're assuming to get there?

你對今年盈利的評論。你能談談你假設到達那裡的燃料和 RASM 假設嗎？

Scott, so this is Scott. I'll start on the fuel side. So obviously, we pulled the fuel curve generally about a week or so in advance of the call. And so that -- at that point, fuel was sitting in around, it was obviously higher in January, but the first quarter will be around $3.20, and it will decline through the year, probably for the full year, we'll be around $3 based on the fuel curve. So that's the basic assumption. I don't know, Matt, do you want to talk about unit revenue for the year, but not really given the guide full year.

斯科特，這是斯科特。我將從燃料方面開始。很明顯，我們通常會在通話前一周左右拉高燃料曲線。因此 - 那時，燃料處於穩定狀態，一月份明顯更高，但第一季度將在 3.20 美元左右，並且全年都會下降，可能是全年，我們會在附近3 美元基於燃油曲線。這就是基本假設。我不知道，馬特，你想談談今年的單位收入，但並沒有真正給出全年的指南。

Yes, we're not going to talk about a guide, Scott, for full year unit revenue. I shall leave it at that.

是的，斯科特，我們不會談論全年單位收入的指南。我將就此打住。

Okay. And then just -- I think you had a comment that you think CASM will be lower in '24. If you take a step back, right, capacity is up 40% versus '19, CASMs up 25% or so, like -- so what changes in '24 to sort of get the model working better again the way you'd expect where there should be some sort of unit cost operating leverage.

好的。然後——我想你有評論說你認為 CASM 在 24 年會更低。如果你退後一步，對，與 19 年相比，容量增加了 40%，CASM 增加了 25% 左右，比如——所以 24 年發生了什麼變化，讓模型再次以你期望的方式更好地工作應該有某種單位成本運營槓桿。

Yes, Scott, this is Scott again. So I think the biggest lever is utilization. We're going to be increasing that through the year, and we'll exit at about normal utilization levels, obviously, depending on where the engine reliability issue sets, but that's the expectation.

是的，斯科特，我又是斯科特。所以我認為最大的槓桿是利用率。我們將在這一年中增加它，並且我們將以大約正常的利用率水平退出，顯然，這取決於發動機可靠性問題所在的位置，但這是預期的。

And if we do that for the full year, that alone mathematically will give us a push down. And we're obviously managing the P&L. So we feel pretty optimistic about where sort of 2024 and beyond full run rate CASM ex will sit.

如果我們全年都這樣做，那麼從數學上來說，這本身就會給我們帶來壓力。而且我們顯然正在管理損益表。因此，我們對 2024 年及以後 CASM ex 的全速運行情況感到非常樂觀。

And we have no further questions at this time. I will now turn the call back to DeAnne Gabel for closing remarks.

我們現在沒有其他問題了。我現在將把電話轉回給 DeAnne Gabel 以作結束語。

No, Abby, I think we're done. But thank you so much, everyone, for joining us today, and we'll catch you all next time.

不，艾比，我想我們已經完成了。但是，非常感謝大家今天加入我們，我們下次再見。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。您現在可以斷開連接。